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trillion in 2019. Many FinTech startups, like Ripple, are using blockchain to provide cheaper and faster services to consumers. Cybercriminals stole $81 million from the Bangladeshi central bank in February by managing to exploit weak security in the SWIFT international payments network. trillion in 2014 to $2.3
The demand for faster payments is growing as companies look for swift, data-rich ways to transact. One study from 2019 found that 54 percent of 120 financial executives listed real-time payments as one of the most impactful emerging technologies, for example. Banks and CUs have options for how they make these upgrades.
While traditionally, banks have controlled the infrastructure, hardware and operating systems for financial services, new entrants may have the agile infrastructure and innovative propositions to personalize to meet individual consumer needs.
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